During a month uptrend, Bitcoin gained a total of $6,224.33, or 37.42%. Bucking the trend and turning lower, slightly weaker but mostly flat: Bitcoin is currently trading at $22,600 as it maintains an active range between $22,400 and $22,747.
Crude Oil Inventories data from United States will be released today at 15:30 UTC with analysts expecting a decline to 971,000. Potentially significant price fluctuations in Bitcoin are expected to follow.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 3.38 million, while the previous figure was 7.62 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.139, while the previous figure was 4.373. United States Services PMI came out at 46.6, while a consensus of analysts was expecting 45.
Bitcoin made an initial break below its 5 day Simple Moving Average at $22,425, a possible indication of a forthcoming negative trend. On the other hand, note that Bitcoin bounced after reaching the $22,400 support zone, climbing $193.91 above it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Bitcoin to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Bitcoin is expected to attract significant bearish sentiment in the coming days.
Positive performances can be seen by looking at other markets as having closed the previous session at $0, UNICORN Token USD is up 2,775,135% today to currently trade at around $6.29. FTX Token leaps up 9.54% to trade around $1.36.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. As things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 971,000, following on from the preceding figure of 8.41 million. New data is set to be published today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2.
Registering some good gains for about 2 months now. Bitcoin has managed to gain 36.19% so far this year despite trading at lows around $15,759 previously.